AN ACT relating to mortgage foreclosure counseling and education.
Create a new section of Subtitle 1 of KRS Chapter 286 to authorize the Office of Financial Institutions to provide free mortgage foreclosure counseling and education to homeowners who have defaulted or are in danger of defaulting on the mortgages on their homes; require the office to work with the Kentucky Housing Corporation if it determines to establish such a program; provide that the program may include a toll-free telephone number homeowners may call to receive mortgage foreclosure counseling and education; permit the office to establish standards for certification of counselors; permit the office to establish in the State Treasury a fund known as the "Mortgage Foreclosure Counseling and Education Trust Fund"; permit the fund to receive from the county clerk a surcharge for recording and indexing of real estate mortgages; amend KRS 64.012 to establish a surcharge of $1.50 to be added to the fee for recording and indexing real estate mortgages, which shall be payable to the mortgage foreclosure counseling and education trust fund; permit the surcharge to be imposed only if the foreclosure counseling and education program is operational.